Quick summary: This lesson requires students to consider the importance of businesses maintaining a competitive advantage to achieve success. It also considers whether eco-labelling can be an effective strategy in achieving a competitive advantage.
This lesson supports students to inquire into the big idea of ‘real wealth’. Students develop an understanding of shared values, and build their sustainable and ethical financial knowledge, equipping them with the skills to make sound financial decisions based on social, environmental and economical merit.
- Students develop an understanding of the importance of a competitive advantage for business success.
- Students consider the impact of eco-labelling on the competitive advantage of a business.
- Students use various thinking activities to build their critical thinking and questioning skills.
Cross-curriculum priority: Sustainability OI.4, OI.5, OI.6.
Australian Curriculum content description:
Year 9 Economics and Business
- How and why businesses seek to create and maintain a competitive advantage in the global market (ACHEK041)
Year 10 Economics and Business
- Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053)
Syllabus Outcomes: C5.2, C5.3, C5.4.
Unit of lessons: Real Wealth Year 9 & 10
Time required: 60 mins.
Level of teacher scaffolding: Medium – view the video and suggested websites before the lesson.
Resources required: Student Worksheets – one copy per student OR computers/tablets to access the online worksheet, device capable of presenting a website to the class. Local Label Assessment Rubric, Real Wealth Cheat Sheet, Glossary Secondary.
Digital technology opportunities: Students are required to watch an online video and make use of a number of websites for their inquiry. They may also need to use a poster making app like Pic Collage. Digital sharing capabilities.
Homework and extension opportunities: Eco label poster for homework. Students requiring extension should be able to do the final Eco Labels and Competitive Advantage activity on their own. They may also be given an additional article to extend their case.
Keywords: eco-labels, competitive advantage, product differentiation, cost advantage.
Cool Australia’s curriculum team continually reviews and refines our resources to be in line with changes to the Australian Curriculum.